Sipay, Turkey’s fastest-growing fintech startup, raises $78M to accelerate global expansion

Sipay, the payment and embedded fintech startup that’s taken Turkey by storm, just announced a $78 million Series B round—pushing its valuation past $875 million. The round was led by Elephant VC, with backing from QuantumLight, the venture firm founded by Revolut’s Nik Storonsky.

The momentum isn’t new. Deloitte named Sipay the fastest-growing fintech in Turkey in both 2023 and 2024. The company turned profitable last year and saw its revenue multiply fivefold year-over-year, finishing 2024 with a $600 million run rate.

Founded in 2019 by Nezih Sipahioğlu, Sipay has built a platform that handles everything from online and in-person payments to digital wallets, FX, and B2B finance tools. It serves both businesses and consumers under one roof, with 6.3 million wallet users and 25,000 registered merchants already using the platform in Turkey.

This new funding will support Sipay’s push beyond its home market, helping it form new partnerships and grow into emerging markets where digital finance is gaining traction.

“Sipay’s unified platform offering diverse financial products and services helps businesses and individuals achieve true financial freedom. This is clear from our remarkable growth,” said founder and CEO Nezih Sipahioğlu. “This new funding round will allow us to take the next step in our global journey.”

Sipay has already processed over 100 million transactions, working with major partners like Visa and Mastercard. Its client base ranges from banks and manufacturers to tech-first companies. Notable partners include QNBpay (part of one of Turkey’s top 10 banks), Hepsipay (Nasdaq-listed Hepsiburada’s payment arm), and Trendyol (owned by Alibaba).

Peter Fallon, General Partner at Elephant VC, believes the company is well-positioned for cross-border growth. “Sipay is playing a vital role in reshaping the financial landscape to be more inclusive, secure, and efficient,” he said. “We are excited to support Nezih and his team in replicating their success in Turkey across new markets.”

Sipay previously raised $15 million in a Series A round led by Anfa in June 2024. This latest round sets the stage for the next chapter—and Sipay looks ready to go international.